Exploring the Uncharted Waters: An Empirical Study on the Adoption of NFTs and Cryptocurrency in Innovative Marketing Strategies

1. Introduction

In today's rapidly evolving marketing landscape, the convergence of technology and finance has opened up innovative avenues for engagement and brand promotion. Integrating Non-Fungible Tokens (NFTs) and cryptocurrencies into marketing strategies is capturing significant attention due to their potential to redefine consumer interactions and reshape brand engagement paradigms. This empirical study aims to navigate unexplored territories by delving into the adoption dynamics of NFTs and cryptocurrencies within marketing. Through the Structural Equation Model (SEM) lens, this research seeks to unravel the intricate relationships among variables that shape the adoption decisions of these emergent technologies. Expanding the NFT and cryptocurrency industry beyond its financial roots offers a glimpse into a revolutionary digital ownership and value exchange era. NFTs represent unique digital assets, often tied to digital art or collectibles, ensuring authenticity and ownership through blockchain technology (Wilson & Ghaderi, 2022).

Meanwhile, cryptocurrencies have evolved beyond being merely digital currencies to become mediums of decentralized transactions (Albayati & Rho, 2021). This industry's exponential growth has paved the way for novel engagement strategies that connect brands and consumers through digital (Du et al., 2020). While the NFT and cryptocurrency landscape brims with potential, empirical insights into the dynamics of their adoption in marketing still need to be improved. The marriage of NFTs, cryptocurrencies, and marketing presents unprecedented opportunities and complex challenges. However, an absence of empirical research exploring the adoption patterns and influencing factors within marketing leaves a void in understanding the practical implications of integrating these technologies.